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Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Millions		2021				2020				2019
Current tax expense:
Federal		$	1,446			$	1,026			$	1,000
State			347				259				254
Foreign			8				6				8
Total current tax expense			1,801				1,291				1,262
Deferred and other tax expense/(benefit):
Federal			199				295				417
State [a]			(44	)			45				128
Foreign			(1	)			-				21
Total deferred and other tax expense			154				340				566
Total income tax expense		$	1,955			$	1,631			$	1,828

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Tax Rate Percentages		2021				2020				2019
Federal statutory tax rate			21.0	%			21.0	%			21.0	%
State statutory rates, net of federal benefits			3.7				3.7				3.7
Deferred tax adjustments			(0.6	)			(0.1	)			(0.1	)
Dividends received deduction			(0.5	)			(0.5	)			(0.6	)
Excess tax benefits from equity compensation plans			(0.3	)			(0.8	)			(0.7	)
Other			(0.2	)			0.1				0.3
Effective tax rate			23.1	%			23.4	%			23.6	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Millions		2021				2020
Deferred income tax liabilities:
Property		$	(12,657	)		$	(12,474	)
Operating lease assets			(441	)			(397	)
Other			(534	)			(444	)
Total deferred income tax liabilities			(13,632	)			(13,315	)
Deferred income tax assets:
Operating lease liabilities			434				396
Accrued casualty costs			157				143
Accrued wages			45				40
Retiree benefits			39				255
Stock compensation			26				26
Other			256				208
Total deferred income tax assets			957				1,068
Net deferred income tax liability		$	(12,675	)		$	(12,247	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Millions		2021				2020				2019
Unrecognized tax benefits at January 1		$	74			$	64			$	174
Decreases for positions taken in prior years			(24	)			(19	)			(96	)
Refunds from/(payments to) and settlements with taxing authorities			(12	)			-				(11	)
Increases for positions taken in current year			3				18				20
Increases/(decreases) for interest and penalties			(3	)			5				(5	)
Increases for positions taken in prior years			1				7				44
Lapse of statutes of limitations			(1	)			(1	)			(62	)
Unrecognized tax benefits at December 31		$	38			$	74			$	64

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